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He bitcoin The price reached a new high for the year btc-USD/history/”>$38,392 today, just three days after the United States unveiled a record $4.3 billion deal plan with binance Holdings.
The cryptocurrency king pared its gains to trade at $37,838 at 1:05 pm EST and analysts now see a further rally to $40,000 as inevitable.
This rise pushed the value of the cryptocurrency above the strong resistance of $38,000 and the leading cryptocurrency is now trading around the support and resistance levels established before the Terra Luna UST capitulation in early 2022.
bitcoin price: the momentum needed for the rally is building
4-hour chart for btc/USDT (Source: TradingView)
bitcoin price recovered from the 50 EMA line on the 4-hour chart in the last 24 hours. This bounce resulted in a higher low being recorded, which also led to the formation of an ascending triangle pattern. If this bullish pattern is validated, the price of the leading cryptocurrency may attempt to convert the $38,150 resistance level into support within the next 24 hours.
Two consecutive 4-hour candle closes above this important price point will clear the way for the bitcoin The price will increase to $40 thousand in the coming days. A possible sign that the cryptocurrency will pull back will be if btc falls below the hypotenuse of the triangle chart pattern. This could lead to a correction to the 50 EMA line, which is around $36,500. Continued selling pressure at this point will likely see btc correct to the key support level of $35,120.
Currently, short-term momentum favors buyers. The Moving Average Convergence Divergence (MACD) indicator on the btc 4-hour chart was marking an uptrend. The MACD line separating above the MACD signal line suggests that bitcoin may continue its bullish movement in the coming days. This, along with the fact that btc has the support of the 50 EMA line, indicates the possibility of the price of the king of cryptocurrencies rising to $40K soon.
A catalyst for the recent breakout in bitcoin price is the increased anticipation surrounding the approval of the first spot bitcoin ETF (exchange-traded fund). As this enthusiasm grows, investors may consider purchasing bitcoin ETF Token to be in their best interests..
Rewarding Holders as Spot bitcoin ETFs Go Mainstream
bitcoin ETF Token It is the only cryptocurrency that rewards its holders after every development related to bitcoin Spot ETFs. The project’s native token, BTCETF, is a bargain at just $0.0058.
Investors may want to act quickly, as Bloomberg estimates that there is a 90% chance that the first bitcoin spot ETF will be approved in early January. To add to the urgency, the price of BTCETF will rise in the next four days. Its pre-sale has already raised more than 1.5 million dollars. Anyone who wants to buy at this stage can use USDT, eth or a bank card.
Bringing more value to early investors
The #BitcoinETF — a long-awaited approach to crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto businessmen.
Simplifying bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin interest, allows stock market traders to access digital asset shares through regular brokerage accounts, avoiding the complexities of direct purchasing and storage. pic.twitter.com/dCeBuzd1n3
– BTCETF_Token (@BTCETF_Token) November 24, 2023
Investors can generate substantial returns from the speculative value of BTCETF, while the bitcoin ETF token also offers a lucrative staking program. The staking program implements a dynamic reward structure and offers an incredible 163% APY.
The potential for btc to soon surpass the $40,000 mark, combined with the lucrative staking program offered by bitcoin ETF Token and the growing anticipation of the first spot bitcoin ETF, creates the perfect environment to purchase this token. In fact, these factors combined may well lead to a meteoric rise in the price of BTCETF.
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